Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-04-21
MONEY HUNTING WORK.

MONEY HUNTING WORK.
There is beginning to be an abundance
of surplus capital in Chicago, partly
owing to the uncertainty of local invest
ments where there is much socialism and
labor disturbance, and while casting
about for an investment recently a few
heavy capitalists decided to form trust
company for the special purpose of max
ing farm loans upon Nebraska and Kan
sas lands, and marketing them in Chicago
and the east. But after making q search
/ ing investigation as to the number of such
companies doing business in the far west,
1t was found that there are 1874 compan-
les organized for making real estate loans
in Kansas and Nebraska alone, besides
| those incorporated in the east. In every
county seat there is a large number Of
agents who solicit farmers to take loans
upon their farms, showing how much
money can be made with the money thus
/ borrowed, and otherwise presenting in
duCements to the farmers to borrow.
There is such fierce competition among
the agents that they often loan the farm
ers more than can ever De redeemed.
Some of the reports of those who
were asked for Internationally
being in every case the most
responsible parties at the various
county seats-reyeal a state of facts
worth consideration. Recently the
Chicago Inter Ocean published a column
or more of replies to the question, "What,
in your opinion, is the largest per cent.
of the present selling value which any of
the said companies loan on farms?" and
it would be interesting to publish the en-
tire list. The statements are that some
agents loan nearly up to the present
value, some give rs per cent, some 90
per cent, very few 50 per cent. In re-
ply to the question to the correspondents
as to what proportion of the improved
farms in their county was, in their opin-
ion, mortgaged in any manner, we quote
few replies:
Fifty per cent.
TWo-thirds.
One-half to two thirds
Most all.
Nine tenths
About 70 per cent.
Nearly all.
Probably three-fourths.
Nine-tenths.
Three quarters.
TWO-thirds.
should say at least nIne-tenths, pos
sibly Observation-Disclosures
Nine-tenths.
On the average, according to these re-
ports, certsinly 70 per cent. of the farms
in these counties are mortgaged. Anoth-
er question asked was: "In case Of a
general failure of crops is there sufficient
accumulation of capital in the hands of
your farmers so that they could purchase
the farms owned by those who were I'M
able to pay in case of numerous fore
closures among those mortgaged?" The
general tenor of the replies to this ques-
ton was that there is little or no accumu-
lation of capital in the farmers hands,
and in case Of q failure OF crops the loan
ers would either have to buy
the lands or pass the interest.
If there was organization of
Fort Worth's enterprise and pluck much
more of the money now seeking employ
ment might be attracted hither by our IN
excelIed opportunities for investment.
Some of it comes, but not all that might
be drawn here by systematic effort; and
there never will be system in our efforts |
until our people have some means for
frequent interchange of ideas and for
discussion of projects for the common
good. We need board of trade. We |
need systematic effort to bring here |
some of the money that is willing to ad-
vance from IS to 80 per cent. on farm
loans in the western states